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- Discuss some products and markets that are good examples of Monopolistic Competition. Like the market structure of perfect competition, monopolistic competition assumes inexpensive entry into the market and thus many small sellers. Like the market structure of monopoly, monopolistic competition assumes a downward sloping demand curve. This is because, unlike the identical products found in perfectly competitive markets, the products in monopolistically competitive markets are differentiated and not perfect substitutes for one another. Therefore each monopolistically competitive seller has some degree of brand loyalty and would not lose all of its customers if it slightly raised its price above that of its competition. While not facing perfectly elastic, or horizontal, demand, the monopolistically competitive firm still faces a more elastic demand than the monopolist, whose product has no substitutes. Give two examples of markets where there are many choices among products, yet we…Q21 Answer the question on the basis of the provided demand and cost data for Aphria, a monopolist producing marijuana. Demand Data for Marijuana Cost Data for Marijuana Price Quantity Demanded Output Total Cost $6.25 3 3 $5.00 6.00 4 4 6.00 5.75 5 5 6.50 5.25 6 6 7.50 4.50 7 7 9.00 4.00 8 8 11.00 3.50 9 9 14.00 The profit-maximizing level of output for Aphria will be Multiple Choice 4 units. 7 units. 5 units. $10. 6 units.Please provide examples of firms that belong to industries that are perfectly competitive, monopolistically competitive, duopolistic, oligopolistic or just pure monopolies. Explain the industry setup by providing examples of other firms (numbers) or market concentration statistics, some description of the product (is it standard, slightly differentiated, highly differentiated, or a crucial input that one firm has control of), and the nature of barriers to entry or exit in the industry (are they non-existent or significant, and what kinds of barriers these are).
- Assume the following equations describe the conditions for a typical firm in a monopolistically competitive market: P = 6 - .00075qd TC = 4,000 + 2q + .00025q2 where qd is the firm's quantity demanded, P is the commodity's price in dollars, TC is the firm's total cost in dollars and q is the quantity of output produced. Based upon these equations, answer the following questions: a. What quantity of output will the profit-maximizing firm produce in the market's long-run equilibrium? What price will the profit-maximizing firm establish in the long run? Explain how you know this firm is in long-run equilibrium? b. Determine the firm's allocatively efficient quantity of output? c. Determine deadweight loss that exists when this firm is in monopolisitc competition's long-run equilibrium.Assume the following demand and cost function of a monopolistically competitive firm: P = 100 − 0.2Q TC = 30Q − 5Q q=2 + Q3 i. Determine the long run equilibrium price and output of a monopolistically competitive firm. ii. How is monopoly solution (price and output) different from that of monopolistic competitive solution (price and output)? iii. Find out the perfect competitive solution (price and output) and compare the results with monopoly and monopolistically competitive solution (price and output) iv. Why do results vary from perfect competition to monopolistic competition to monopoly?Compare the elasticity of the monopolistic competitor’s demand with that of a pure competitor and a pure monopolist. Assuming identical long-run costs, compare graphically the prices and outputs that would result in the long run under pure competition and under monopolistic competition. Contrast the two market structures in terms of productive and allocative efficiency. Explain: “Monopolistically competitive industries are characterized by too many firms, each of which produces too little.”
- Compare the elasticity of a monopolistic competitor’s demand with that of a pure competitor and a pure monopolist. Assuming identical long-run costs, compare graphically the prices and outputs that would result in the long run under pure competition and under monopolistic competition. Contrast the two market structures in terms of productive and allocative efficiency. Explain: “Monopolistically competitive industries are populated by too many firms, each of which produces too little.”Using the example of a monopolistic competition market player , highlight how CNBM competes with other organizations to increase its market share.